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📅 Last Updated: April 30, 2024 ✏️ Written By Bryan Daly 🕵️ Fact-Checked by Caitlin Wood
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Types Of Personal Loans You Can Get In Quebec
In Quebec, the two main types of personal loans available are secured and unsecured. Depending on your financial situation and how large of a loan you’re looking for one may be more accessible to you than the other.
Unsecured Personal Loans
An unsecured personal loan is the most common type of personal loan in Quebec. Those interested in an unsecured personal loan should apply with a lender who they trust, submit all the necessary documents, and meet all the requirements. Lenders rely on credit scores and monthly income to approve unsecured loans. Interest rates may be higher because no collateral is necessary, but this will depend on the borrower.
Secured Personal Loans
A secured personal loan requires the borrower to provide some type of collateral to secure the loan. Typically this is a vehicle, but can be anything of value that the lender is willing to accept.
When the loan is secured, borrowers may qualify for larger amounts and even lower interest rates. Providing collateral is also a way to help bad credit borrowers get approved for a loan.
Quebec Personal Loan Rules And Regulations You Should Know
Each province has its own personal loan rules and regulations to protect consumers from predatory lenders. When dealing with a lender, they must:
- Have A Quebec Licence Number – When dealing with a private personal loan lender, they must have a license number issued by the Office de la protection du consommateur in Quebec to legally operate in Quebec.
- Provide A Contract In Your Preferred Language – The lender must provide the contract in the language you prefer.
- Follow Interest Rates Regulations – In Canada, including Quebec, personal loan lenders cannot charge interest rates over 47% APR.
Personal Loan Requirements In Quebec
Firstly, you should find yourself a lender with a good reputation. Make sure they’re legitimate by reading customer reviews and looking up their company name in the B.B.B. (Better Business Bureau) database. Once you’ve found a lender you trust, make sure you meet their minimum requirements. Keep in mind that all lenders approve applications differently, but these are some of the most common requirements in Quebec.
- Proof of identity (usually two pieces of government-issued identification)
- Personal information
- Date of birth
- SIN
- Home address
- Phone number
- A bank account that has been active for at least three months (depending on the lender)
- Employment/ income information
- Three months of bank statements
- Proof of employment from employer
- Specific monthly income requirements
- Lenders have their specific monthly income requirements, usually, this means making above a certain amount each month.
- Specific credit score requirements
- While some lenders may not check credit, others will. For example, a lender may require you to have a credit score above 600 to qualify.
Instant Bank Verification For Personal Loans In Quebec
Bank account verification is a process that verifies where funds in a bank account are coming and going from. It also confirms the legitimate owner of the account. Lenders use bank verification to determine the loan eligibility of borrowers and reduce the risk of fraudulent activity.
The traditional bank verification process can take days. But instant bank verification can be done in seconds. This expedites the underwriting process and speeds things up for the lender and borrower. That means you can get approved and funded in as little as 24 hours.
It’s safe and convenient for all parties and ensures that all your data is kept safe and secure.
How To Increase Your Chances Of Qualifying For A Personal Loan In Quebec
Lenders typically require loan applicants to meet specific requirements before loan approval is granted. Generally speaking, lenders want to make sure your financial and credit profiles are relatively strong.
To increase your chances of getting approved for a personal installment loan in Quebec, consider the following:
- Boost your credit score. Your credit score plays a vital role in your ability to secure a personal loan. While some lenders may not include credit scores as part of their vetting process, most do. If you want to increase your chances of getting approved for a loan at an affordable rate, consider taking steps to boost your credit score.
- Add a cosigner. If your credit score or income situation isn’t strong enough to qualify you for a personal installment loan on your own, adding a cosigner might help. A cosigner is someone with a good credit score and strong income who will take over your loan payments in the event that you default. This reduces the lender’s risk, which in turn will incentivize them to approve your loan application.
- Secure the loan with an asset. Adding collateral to the loan can strengthen your loan application. That’s because collateral serves as security for the loan in case you fail to keep up with payments. If that happens, the lender can repossess your asset to recoup their losses.
Cost Of A Personal Loan In Quebec
The maximum interest rate a lender can charge for a personal loan in Quebec is 60%. But, when considering how much a loan is going to cost you, you need to consider more than just the interest rate. What fees are you being charged? How long is your loan term? Can you comfortably afford the monthly payments? And finally, once the loan is paid off, will the total cost be worth it?
| Short-Term Loan | Long-Term Loan | |
| Loan Amount | $20,000 | $20,000 |
| Loan APR | 13.5% | 13.5% |
| Loan Term Lenght | 24 months | 60 months |
| Monthly Payment Amount | $955.54 | $460.20 |
| Total Paid | $22,932.96 | $27,612 |
| Total Interest Paid | $2,932.96 | $7,612 |
How Much Can You Borrow From A Personal Loan Lender In Quebec?
This depends on your lender’s specific requirements. For instance, most prime lenders in Quebec, such as banks, set a minimum amount of personal loan money you’re allowed to apply for, sometimes $1,000 or more. Alternative or private lenders, on the other hand, might allow you to apply for less.
However, the amount you actually qualify for will depend on your overall financial health such as your credit, income, debt-to-income ratio and job stability. If these elements look healthy, you could be approved for a large unsecured loan of up to $50,000 or more.
What Credit Scores Do You Need To Get A Personal Loan In Quebec?
Credit score requirements depend on the personal loan lender you’re applying with. Generally, banks and other traditional financial institutions in Quebec will require high credit scores. On the other hand, alternative lenders in Quebec are more lenient and will accept borrowers with good or bad credit scores.
Borrowers with credit scores of 660 or more are considered to have good credit and will have an easier time qualifying for a personal loan in Quebec. Moreover, borrowers with good credit scores can benefit from lower interest rates, longer terms and larger loan amounts.
Find out what your credit score currently is for free by using CompareHub.
Should I Use A Credit Card Instead Of A Personal Loan?
Whether you should use a credit card instead of a personal loan depends on your financial situation and the type of purchase you’re making or the expense you’re trying to cover.
Use A Credit Card If
- The Expense Is Small – Credit cards are a good option for smaller purchases that you know you won’t have trouble paying for them within the same credit card billing cycle.
- You Want To Earn Points – You’re trying to earn reward points, discounts, and other benefits that come with specialty credit cards.
- You Have Low-Interest Introductory Offer – If you’re consolidating your credit card debt through a “balance transfer” credit card, it may be worth it if they offer a better rate than the personal loan.
Use A Personal Loan If
- The Expense Is Large – If you’re attempting to pay for a much larger expense, a personal loan would be the better option. You’ll get to benefit from longer repayment terms which would result in lower monthly payments.
- The Interest Rate Lower – You may qualify for a personal loan with an interest rate that is lower than a credit card. This can save you money on interest.
- Flexible Payments – You’ll have the option of paying through installments other than monthly ones (semi-monthly, weekly, bi-weekly, and monthly).
Can You Get Personal Loans In Quebec On Employment Insurance?
While you might have trouble qualifying for a loan from a traditional lender, you might have better luck with an alternative lender. Some lenders accept non-traditional forms of income, like EI. As long as all other factors check out, you can still get approved for a personal loan even if you’re not currently employed.
However, your loan may come with a higher interest rate if you’re on EI. That’s because the lender would be assuming a greater risk by extending a loan to someone who isn’t working. To offset this risk, the lender may charge a higher rate.
Places To Help You Get A Job In Quebec
If you’re in between jobs and are looking for work, you may find it easier to work with a staffing agency to help you find a job. These companies connect businesses in the local area to job-seekers to fill job vacancies. Quebec is home to several employment agencies that recruit unemployed residents, such as the following:
MaxSys Staffing
MaxSys is a professional staffing firm that has been helping unemployed Quebecers find work since 1993. The company fills approximately 14,000 job placements per year and even helps members of the military find work following their service.
Some of the areas of expertise that MaxSys specializes in are healthcare, office and administrative, IT consulting, professional consulting, and permanent placements.
MaxSys has offices in Montreal, Saint Laurent, Québec City, and Lévis.
Vaco
Vaco is a staffing agency that serves businesses and job seekers in Quebec City. The company specializes in helping fill job vacancies in the fields of accounting and finance, technology, human resources, and operations. Through their managed services, Vaco identifies areas of opportunity for job placement and career advancement.
With Vaco, you can search their online job board, download a resume template, and get career advice and tips to find the perfect job and get started on your career path.
Synergie Hunt
Synergie Hunt has over 50 years of experience helping candidates find jobs in Quebec. The company’s head office is in Montreal, though they help job seekers from all over Quebec.
The team of recruiters will take the time to understand your career goals and needs and connect you to the right employer. You’ll find a list of temporary and permanent job listings in various industries.
Alternatives To Personal Loans In Quebec
Personal loans may be a good option to help you temporarily manage your financial troubles, but other alternatives are available. The provincial government provides a variety of assistance programs that are designed to alleviate financial struggles among Quebecers, including the following:
| Financial Resource | |
| Social Assistance Program | Learn More |
| Social Solidarity Program | Learn More |
| Basic Income Program | Learn More |
| Rent Supplement | Learn More |
| Low-Rental Housing | Learn More |
Other Financial Assistance Programs In Quebec
In addition to the government-backed programs, personal loans, and staffing agencies mentioned above, several other programs are available in Quebec to help residents facing financial struggles. A quick and easy way to find these programs is by searching www.211.ca, a website that connects Quebecers with various services across the province.
Here are a few available resources that you can find on www.211.ca:
Food Assistance
Whether you’re in need of free food in an emergency situation or need some financial assistance to offset the cost of groceries, there are several organizations throughout Quebec that can help, including the following:
- Help in Saint-Gilbert: 61, rue Principale, Saint-Gilbert, Capitale-Nationale, QC, G0A 3T0
- Foundation Olo: Tour Est 550, rue Sherbrooke Ouest, bureau 230, Montréal, QC, H3A 1B9
- Food Banks of Quebec: 555 Roland-Therrien Boulevard, Suite 230, Longueuil, Montérégie, QC, J4H 3Y9
Affordable Household Goods And Clothing
Many thrift stores are available throughout Quebec that offer heavily discounted clothing, household goods, furniture, and other items. Here are a few to check out:
- Armée du Salut, Région de Québec: 815, boulevard Wilfrid-Hamel, Québec, Capitale-Nationale, QC, G1M 2R6
- Au Revend Dons: 1926, boulevard Bastien, Québec, Capitale-Nationale, QC, G2B 1C1
- Centre d’Action Bénévoles de Farnham, Chiffonnier: 959, rue Principale Est, Farnham, Estrie, QC, J2N 1M8
Low-Income Housing Initiatives
Rent costs are soaring, leaving many lower-income Quebec residents struggling to keep up with rental payments. To find more affordable housing, several low-income housing initiatives and programs are available to help:
- Association des Personnes en Perte d’Autonomie de Chibougamau
- Coopérative de Solidarité en Habitation l’Étale
- Habitations Métatransfert
Where Can You Find Consumer Protection Offices In Quebec?
Businesses in Quebec are required by law to treat consumers fairly. To ensure this happens, there are specific rules in place that businesses can follow to ensure that they comply with the law while treating consumers accordingly.
In Quebec, it is the Office de la Protection du Consommateur that enforces the laws regarding businesses and the treatment of consumers.
If you believe that you’ve been unfairly treated by a business, you can reach out to the Office de la Protection du Consommateur.
Quebec Personal Loan FAQs
How do I improve my chances of being approved for a personal loan in Quebec?
If you have bad credit, you can try applying with an alternative lender in Quebec. They base their approval on your overall financial health rather than just your credit score. If you’d like to further increase your chances of approval, you can put up an asset as collateral or get a cosigner. Both of these options will provide your lender with extra security, thus increasing your odds of approval.
Should I get a personal loan or a payday loan?
A payday loan is the most expensive way to borrow money due to its high-interest rates and very short repayment period. A personal loan on the other hand is a much better option. They can not only provide you with a higher loan amount to cover any expenses, but they have lower interest rates and flexible repayment options. Whenever possible, you should choose a personal loan over a payday loan.
Can I qualify for a personal loan in Quebec if I lost my job?
While uncommon, there are lenders in Quebec who will grant you a loan despite being unemployed. These lenders typically provide loans to people who are receiving income in a non-traditional way, such as Canadian Child Benefit (CCB), pension, employment insurance (EI) and other government and provincial financial assistance programs. However, due to the additional risk these lenders take, their loans are often come with high-interest rates.
Can I get a payday loan in Quebec?
Yes, you can get a payday loan in Quebec, however, there are strict regulations in place that payday lenders must abide by. Unlike, the rest of Canada, Quebec payday lenders can only charge up to 35% AIR. Loans cannot exceed $1,500 and terms cannot be longer than 62 days.
How long does it take to get a personal loan in Quebec?
Most online personal loan lenders have an easy application process that can be completed in a few minutes. If you’re approved for the loan, it can take as little as a few minutes to a day before you receive your funds.
I’m Interested, What’s Next?
If you’ve read this and you’ve decided that a personal loan is the way to go, all that’s left for you to do is apply. The Loans Canada Team is here to help you every step of the way and introduce you to the right source of personal loans in Quebec.
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